The loan was arranged through a syndicate of three banks:WestLB, PNC Bank, and Regions Bank. First Industrial's interimchief executive W. Ed Tyler says the ability to execute the loan atattractive terms in the current challenging credit environment"reflects the quality of our joint venture assets, our sponsorship,and our joint venture partner."

In September, CalSTRS and First Industrial extended theiragreement for five joint ventures through to December 2018 andextended the investment periods through 2011. These includeFirstCal 1, the $1.6-billion Development and Repositioning JV;FirstCal 3, the $1.6 billion Strategic Land and Development JV;FirstCal 3, the $1 billion 2005 Core JV, the $475-million FirstCalEurope JV and the $285-million FirstCal Canada JV. The move wasreportedly due in part to the fact that they are having troublefinding investment opportunities at prices they believe arebeneficial.

Earlier this week, First Industrial revealed it was ending itsEuropean operations as part of a larger costcutting and realignment program . "We are positioning thecompany for the challenging economic and industry environmentthrough additional actions to streamline expenses," said Tyler.